What is the tax amount for a business?
The amount of tax that a business is required to pay is dependent on many variables.
For a business that uses a company structure, the tax will be 30% of the businesses net profit.
For a superannuation fund, the tax rate is 15% of the net profit.
The amount of tax that's required to be paid for an individual will depend on where the income level sits within the progressive income tax scales, but can range from 0% to 46.5%.
It is imperative that the right advice is sought before commencing a business structure as this can have a significant impact on the amount of income tax an entity is required to pay.